Disclaimer

The offering circulars provided on this Web site relate to certain TVA securities that have been offered and sold by TVA. These securities are not available for purchase from TVA (except for Discount Notes, which are initially available only to certain selling group members). TVA securities are not obligations of or guaranteed by the United States of America.

Although TVA files annual, quarterly, and current reports with the U.S. Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, TVA is not required to file registration statements with the SEC under the Securities Act of 1933. Because TVA does not file registration statements with the SEC, TVA is voluntarily providing the offering circulars for certain of its securities on this Web site for public information purposes only. The offering circulars do not contain all the information that TVA would be required to file with the SEC if it were subject to the registration requirements of the Securities Act of 1933. In addition, TVA does not post offering circulars relating to all of its securities on this Web site and may discontinue posting any offering circular(s) without notice at any time. The posting of any offering circular should not be considered an offer to sell or a solicitation of an offer to buy the securities described therein or any other securities of TVA in the United States or in any foreign jurisdiction (including, for avoidance of doubt, the United Kingdom).

By accessing any offering circular through this Web site, you acknowledge that (1) TVA is not now by its posted offering circulars offering the securities named therein or any other securities of TVA nor soliciting an offer to buy such securities in the United States or in any foreign jurisdiction (including, for avoidance of doubt, the United Kingdom); (2) no offering circular will be construed by you as a description of TVA or its programs at any time subsequent to its date, nor will you assume from its availability here that the affairs of TVA (or its programs) have not changed since the date of such document; (3) no representation is made to you as to the propriety or legality of any secondary market trading of such securities in any jurisdiction within or outside of the United States; and (4) you have read and accept the information provided in the document entitled "Important Information Regarding the Use of This TVA Web Site."